Energy, Energy Market, Latvia, Technology

He said that the company considering production of power from renewable resources.

A wind park might be built in coastal area, nut not in the sea to reduce costs, but the final decision has not been made yet. Both in Lithuania and Estonia win energy is more widespread than in Latvia, therefore there is a potential in Latvia in this area.

He also said that in 2021 the state support to Riga’s first thermal power plant (TEC) will be exhausted that the company should decide on its future – whether to allow it to work based on market principles or think of a new approach, for example, forming it into a biomass plant.

Latvenergo board chairman Aris Zigurs said that the decision to invest in TEC had been right. Power production this year will amount to about two terrawatt hours, and in some months Latvia even exported electricity. The company this year consumed more than 600 mдn cubic meters of natural gas.

Latvenergo is also following marker trends and will consider offering energy efficiency products to its customers, for example, consumption management devices, microgeneration, such as solar panels, and others.

Latvenergo today presented the concern’s long term strategy for 2017-2022.

Latvian energy group Latvenergo earned a profit of EUR 94.3 mдn in the first nine months of this year, and the company’s sales reached EUR 678.2 mдn.